Split Air Conditioning Systems Market to Witness Comprehensive Growth by 2024

The highly dynamic and intensely competitive global split air conditioner systems market features some of the world’s dominant electronics and technology companies. The need to conform to strict government policies and regulations in different countries regarding the emission and control of greenhouse gases and consumption of electricity are the key factors influencing the development of the market. These factors have increased the focus of key players on increasing product power and operating efficiency, observes a recent report by Transparency Market Research. Companies are also looking at prospects of enhancing their businesses through partnerships and optimizing overseas business networks.

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A recent instance is the joint venture of Midea Group with Lihom Cuchen, a renowned appliances manufacturer from South Korea in February 2016 with the aim of pursuing unique benefits in research and development, technology, manufacturing, patent sharing, and expanding its global presence. Some of the key players in the market are Daikin Industries Ltd., Electrolux AB, The Midea Group., Carrier Corporation, Haier Electronics Group Co., Ltd., and Hisense International Co. Ltd.

Mono-split Systems to Comprise Dominant Share in Market Revenue

Transparency Market Research states that the global split air conditioning systems market was valued at US$79.72 bn in 2015 and will expand at a CAGR of 5.1% from 2016 to 2014, reaching a market size of US$127.27 bn in 2024. In terms of equipment type, the segment of mono-split systems accounted for almost 70% of the market share in terms of revenue in 2015. Based on geography, the Asia-Pacific region emerged as the dominant segment in the split air conditioning systems and the trend is expected to continue over the forecast period as well.

Rising Demand for Energy-efficient Air Conditioning Systems to be Key to Market Growth

In mature markets such as North America and Europe, energy efficiency has been a major concern with the use of conventional air conditioning systems. Growing awareness among consumers regarding energy efficient models is, hence, emerging as the key force boosting the growth prospects of the split air conditioning systems market. Additionally, the growth in the commercial and residential segment in Asia-Pacific has resulted in a vast rise in demand for split air conditioning systems in the region.

Besides this, the concern regarding the emission of greenhouse gases and other harmful gases through conventional air conditioners is also a key driver of the market. This is owing to the strict government regulations imposed to stabilize the greenhouse gas levels in the atmosphere. Initiatives such as government support for LEED (Leadership in Energy & Environmental Design) certified projects and mandatory SEER (Seasonal Energy Efficiency Ratio) ratings (SEER of 13.0 and above in the U.S.) for heating, ventilation, and air-conditioning systems are also helping boost the global consumption of split air conditioners..

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